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Caesars Entertainment Corp. Chief Executive Mark Frissora will leave the company next year after the restructuring of the global casino and resort operator.
Mr. Frissora, who also serves as Caesars president, will remain in the role until Feb. 8, the company said Thursday.
The four members of the compensation and management development committee, will work with a search firm to identify Mr. Frissora's successor, the Las Vegas-based company said. Mr. Frissora joined the company in 2015.
Under Mr. Frissora's leadership, Caesars worked to simplify its capital structure and reduce its debt. The company has completed the renovation of its network, acquired Centaur Holdings LLC's Indiana casinos in July for $ 1.7 billion in cash and expanded into Dubai, among other moves. Caesars, which is also the parent of Harrah 's and Horseshoe properties, now operates 49 casinos in 13 U.S. states and five countries.
Caesars also said Thursday it has been turned down to a recent offer by Tilman Fertitta's Golden Nuggets LLC proposing a reverse merger. Golden Nugget proposed Caesars acquired Golden Nugget's restaurant, hospitality, entertainment and gaming businesses in Caesars.
Caesars said its board has made the decision to make it easier, but added that it is "open to reasonable alternatives to enhance long-term shareholder value."
Shares rose 9.4% to $ 9.68 in after-hours trading Thursday as the company reported that it beat analysts' estimates on earnings for the third quarter.
The company recorded a profit of $ 110 million, 14 cents a share, $ 433 million, or $ 2.90 a share, a year earlier. Centaur-owned casinos, and Caesars Entertainment Operating Co., the most recent quarter of the year.
Net revenue more than doubled to $ 2.19 billion from $ 993 million, but missed the consensus forecast of $ 2.21 billion.
In addition to integrating Centaur properties into the fold, Caesars has been working to expand and promote its U.S. sports-betting business, and it has partnerships with six professional sports organizations. Over the summer, Caesars launched a mobile sports-betting app in anticipation of growth in the business following the U.S. Supreme Court's ruling invalidating federal prohibitions on such wagers.
Through Thursday's close, shares in Caesars are down 21% over the last 12 months.
Write to Aisha Al-Muslim at [email protected]
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